Interest in Bitcoin is focused on the ETF boom, and as previously mentioned, spot ETH ETFs are next in line. Some investors say that ETH price is rising in BTC and USD parity despite altcoin losses. So, how many dollars is the target?
How Many Dollars is Ethereum?
As of this writing, ETH price is struggling to rise above the $2,440 and $2,450 areas. The price has recovered significantly from the 50-day SMA ($2,232) on January 9. ETH price rose while BTC fell due to fake ETF approval news. The bulls continued their buying on January 10, keeping the price above the $2,400 resistance.
The current outlook on the BTC front is turning positive, as spot decisions regarding BTC ETFs will be announced in the coming hours. Therefore, we can talk about reducing the selling pressure on ETH bulls. If the price can stay above $2,400, the rise could continue towards $2,700 and $3,000.
However, in the opposite scenario, if the closing price is below $2,294 due to possible rejection of the ETF or “selling the news” (though the probability is low according to experts), the sales could fall to $2,294. Stop dollar is $2,100. This means prices will remain in the $2,100 to $2,400 range for a while longer.
ETHBTC Chart Analysis
The real big breakthrough needs to happen with ETHBTC. ETH price remained in the low range compared to BTC for a long time and the USD parity could not rise as much as BTC. However, it has now risen to the December 31 level. If you remember, there was a strong revival in altcoins, including ETH, in the last week of this year. However, this situation was reversed with the Matrixport report.
When we retested the parallel channel lower support that we have been pointing out for years, the price fell to the 0.04809 BTC area but recovered from there. It is currently struggling to rise above 0.05363, which corresponds to the middle range of the channel.
The top core suggests continued selling, but the large buyer candlesticks over the last two days are encouraging. If it can manage to hold above the mid-range, we expect the key area of 0.05849 BTC to be regained and a move back to the September 30 high of 0.06255 BTC. Then peak values of 0.07 and 0.079 are targeted. At current prices, the high of 0.079 is equivalent to $3,250. Supports reading with USD parity.
